doppellanger
06-10-2006, 06:51 AM
http://www.ft.com/cms/s/28b597fe-4fe6-11db-9d85-0000779e2340.html
ECB nuances prove a linguistic challenge
By Ralph Atkins in Frankfurt and Javier Blas in London
Published: September 29 2006 19:47 | Last updated: September 29 2006 19:47
Calm, composed and consistent are the watchwords of the European Central Bank. Except, perhaps, if you listen in Spanish, French or Italian.
Jean-Claude Trichet, ECB president, has hinted to financial markets that another interest rate increase is highly likely next week, using the English code-words “strong vigilance” to signal a rise is in the pipeline.
But a study by Barclays Capital reveals that when his words have been translated into other European languages, a number of different alternatives have been chosen, and even a little un-central-bank-like passion added.
The divergences, highlighting the problems of working in all 20 European Union official languages, have not caused a meltdown in financial markets.
The ECB has its own small team of “terminologists” to choose the most appropriate translations for stock ECB phrases, ensuring its messages are generally suitably nuanced. And ECB watchers generally work largely on English texts.
But Julian Callow, economist at Barclays Capital, says that nonetheless, “when officials speak in different languages, there is sometimes a possibility that their language will be misunderstood”.
In Spanish, the bank has raised eyebrows by opting for the phrase extrema vigilancia, which might convey the right degree of southern European passion, but to many sounds over-hawkish – especially when then translated back into English.
“Reading the ECB in Spanish seems like the central bank is facing galloping inflation,” says Jose Carlos Diez, chief economist of Intermoney in Madrid. As Elena Nieto, an ECB watcher at BBVA in Madrid, points out “extrema vigilancia sounds much stronger in Spanish than the original in English”.
Whereas in a language such as German, the translation of “strong vigilance” is fairly straightforward – grosse Wachsamkeit – conversion into other, especially Latin tongues has apparently caused more headaches.
In ECB French language statements and publications, the phrase has been translated variously as demeurer extrêmement vigilant, très grande vigilance or extrême vigilance.
In Italian, it has appeared as un atteggiamento vigile, un atteggiamento molto vigile or è essenziale vigilare.
The ECB on Friday played down the significance of the changes, saying that the various French versions meant exactly the same thing, and pointed out that a strict translation of “strong vigilance” into Spanish – perhaps fuerte vigilancia – would not sound right to native speakers.
But its linguistic labouring has at least added another dimension to the work of those whose job it is to watch the ECB.
ECB nuances prove a linguistic challenge
By Ralph Atkins in Frankfurt and Javier Blas in London
Published: September 29 2006 19:47 | Last updated: September 29 2006 19:47
Calm, composed and consistent are the watchwords of the European Central Bank. Except, perhaps, if you listen in Spanish, French or Italian.
Jean-Claude Trichet, ECB president, has hinted to financial markets that another interest rate increase is highly likely next week, using the English code-words “strong vigilance” to signal a rise is in the pipeline.
But a study by Barclays Capital reveals that when his words have been translated into other European languages, a number of different alternatives have been chosen, and even a little un-central-bank-like passion added.
The divergences, highlighting the problems of working in all 20 European Union official languages, have not caused a meltdown in financial markets.
The ECB has its own small team of “terminologists” to choose the most appropriate translations for stock ECB phrases, ensuring its messages are generally suitably nuanced. And ECB watchers generally work largely on English texts.
But Julian Callow, economist at Barclays Capital, says that nonetheless, “when officials speak in different languages, there is sometimes a possibility that their language will be misunderstood”.
In Spanish, the bank has raised eyebrows by opting for the phrase extrema vigilancia, which might convey the right degree of southern European passion, but to many sounds over-hawkish – especially when then translated back into English.
“Reading the ECB in Spanish seems like the central bank is facing galloping inflation,” says Jose Carlos Diez, chief economist of Intermoney in Madrid. As Elena Nieto, an ECB watcher at BBVA in Madrid, points out “extrema vigilancia sounds much stronger in Spanish than the original in English”.
Whereas in a language such as German, the translation of “strong vigilance” is fairly straightforward – grosse Wachsamkeit – conversion into other, especially Latin tongues has apparently caused more headaches.
In ECB French language statements and publications, the phrase has been translated variously as demeurer extrêmement vigilant, très grande vigilance or extrême vigilance.
In Italian, it has appeared as un atteggiamento vigile, un atteggiamento molto vigile or è essenziale vigilare.
The ECB on Friday played down the significance of the changes, saying that the various French versions meant exactly the same thing, and pointed out that a strict translation of “strong vigilance” into Spanish – perhaps fuerte vigilancia – would not sound right to native speakers.
But its linguistic labouring has at least added another dimension to the work of those whose job it is to watch the ECB.